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Gardner Denver, Inc. (GDI)

Q3 FY08 Earnings Call

October 23, 2008, 9:30 AM ET


Barry L. Pennypacker - President and CEO

Helen W. Cornell - EVP of Finance and CFO


Jeffrey D. Hammond - KeyBanc Capital Markets/McDonald Investments, Inc.

Kevin R. Maczka - BB&T Capital Markets

Ryan Jones - RBC Capital Markets

Joseph Mondillo - Sidoti & Company, LLC

Michael A. Schneider - Robert W. Baird & Co.



Good day, everyone, and welcome to the Gardener Denver Quarterly Results Conference Call. Today's call is being recorded. At this time I would like to turn the call over to Mr. Barry Pennypacker. Please go ahead, sir.

Barry L. Pennypacker - President and Chief Executive Officer

Thank you. Good morning and welcome everyone. I am joined this morning by Helen Cornell, Gardner Denver's Executive Vice President and Chief Financial Officer.

We are currently in Shanghai, China where we have one more day left in our trip to visit our facilities. Before we begin with our comments though, Helen has few words on our forward-looking statements.

Helen W. Cornell - Executive Vice President of Finance and Chief Financial Officer

Thank you Barry. All of the statements made by Gardener Denver during this call other than historical facts are forward-looking statements made in reliance upon the Safe Harbor of the Private Securities Litigation Reform Act of 1995. As a general matter, forward-looking statements are those focused upon anticipated events or trends and assumptions, expectations, and beliefs relating to matters that are not historical in nature. Such forward-looking statements are subject to uncertainties and factors relating to Garden Denver's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the company. These uncertainties and factors could cause actual results to differ materially from those expressed and/or implied by such forward-looking statements.

Please refer to Gardner Denver's third quarter 2008 earnings press release issued on October 22, 2008 for further information regarding potential uncertainties and factors that could cause actual results to differ from anticipated results.

Gardner Denver does not undertake or plan to update these forward-looking statements even though the company's situation may change. Therefore you should not rely on these forward-looking statements as representing the company or its management views as of any date subsequent to today. As a reminder this call is being broadcast through listen-only mode through a live webcast. This free webcast will be available for replay up to 90 following the call through the Investor Relations page on Gardner Denver website or on Thomson StreetEvents website And now I will turn the call back to Barry.

Barry L. Pennypacker - President and Chief Executive Officer

Thank you Helen. We have been in China all this week visiting some of our offers wick business [indiscernible] operation here. Today we had the opportunity to visit the Shanghai locations of CompAir. We are excited about the benefits of the combined Gardner Denver and CompAir businesses and we definitely liked what we saw today at the Shanghai facilities. But as my staff knows, I strongly believe that there are always opportunities to make improvements in all businesses.

I will comment on the third quarter results in a few minutes. But first let me take a few moments to discuss to discuss the transformation that is taking place at Gardner Denver throughout the world.

Yes, I know, that the volatility in the financial markets has created a fear that many in this group has never seen before. And yet I know that there are concerns that the US economy which is much broader than last year's housing and construction issues now at everything. And yes I know that there are significant concerns for the worldwide economy.

There are a lot of macroeconomic conditions that are in a tremendous state of flux right now and frankly, beyond immediate control of our management team. We are developing a number of contingency plans assuming the economic downturn is pro attractive but more importantly also developing plans to proactively improve our business regardless of where we are in an economics cycle.

During the transformation that is underway at Gardner Denver, we are instituting a business system and work closely in lines with our customers as we become a more market driven company and less product driven.

We want to improve the flexibility of our operations so we can proactively scale the operations and frankly develop a culture that embraces change. Our intent is to develop a customer centric, dynamic business system in order to differentiate ourselves from our competition, both in products, resale and services we provide, evolve our business practices to meet customers' needs, anticipate our customers' needs and demands to evolve to a more proactive organization, all of which will drive velocity, not just in our plants but in every stage of our business from R&D to the back office.

There's a lot of change that needs to occur at instituted business system and we will never be done because the system must continue to evolve as the business evolves. The three key elements of our new business system that you will hear us talk about again and again are evolution which is changing to a higher and better state; innovation, introducing new methods; or things and velocity, rate at which an object changes position. You put the three together changing from a... changing to a higher and better state to introducing new method or things while we change the rate at which we are achieving new positions in the market. You get the culture that we are trying to achieve here at Gardener Denver. We are building a culture to embrace all of these things. It will be a way of life at Gardner Denver and it will be called Gardener Denver Way.

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